On Thursday, January 30, CLN Energy shares made a quiet start on the BSE SME, trading at ₹256, a little 2.4% premium over the issue price of ₹250. On Thursday, January 30, CLN Energy shares made a quiet start on the BSE SME, trading at ₹256, a little 2.4% premium over the issue price of ₹250.
The ₹72.30 crore initial public offering (IPO) of CLN Energy was available for subscription between January 23 and January 27. The pricing range for the SME IPO was set at ₹235–250 per equity share.
After three days of bidding, CLN Energy’s IPO ended with 5,42 times bids, indicating high demand. Out of the 19.15 lakh shares available, bids for 1.03 crore shares were received during the IPO. While the non-institutional investor (NII) category was subscribed to 8.6 times, the retail investor group was booked 6.55 times. Meanwhile, over the three days of bidding, the Qualified Institutional purchaser’s quota was bid 1.07 times.
About the IPO:
There was no offer for-sale component to CLN Energy’s IPO; it was a completely new issue of 28.92 crore shares. Retail investors could apply with a minimum investment of ₹1.5 lakh and a minimum lot size of 600 shares.
Qualified institutional bidders received nearly half of the offering, with non-institutional investors receiving the remaining 15%. The remaining 35% of the net offering went to retail investors.
Before the January 22, 2024, IPO, CLN Energy raised ₹20.52 crore from anchor investors.
Several essential objectives will be funded using the issue’s net proceeds. The acquisition of machinery and equipment will account for a sizeable amount, guaranteeing increased operational effectiveness and capacity growth. A portion of the money will also be used to support daily operations, retain financial flexibility, and fulfill the company’s working capital needs. The remaining funds will be used for basic company needs, such as debt payments, business development, and other requirements.
The CLN Energy IPO’s book-running lead manager is Aryaman Financial Services Limited, while the issue’s registrar is Bigshare Services Pvt Ltd. Aryaman Capital Markets Limited is the market maker for the CLN Energy initial public offering.
Founded in 2019, CLN Energy Limited supplies powertrain components for electric cars and specializes in producing bespoke lithium-ion batteries and motors. Controllers, throttles, DC-DC converters, displays, and differentials are among its product offerings. The business offers business-to-business (B2B) solutions for stationary and electric mobility applications, including telecommunications, energy storage systems (ESS), and solar energy. It sells motors, powertrain parts, and lithium-ion battery packs under the “CLN Energy” brand. The two production plants run by CLN Energy are situated in Pune, Maharashtra, and Noida.
